Saudi Arabia is extending oil production cuts through the end of September in an effort to raise lagging prices, though analysts fear the move will raise gas prices in the U.S.
Russia and Saudi Arabia announced an extension to cuts in oil production on Wednesday, but prices for crude oil dropped 1% despite the move, analysts say.
Saudi Arabian Oil Co., also known as Aramco, announced it earned a record-high profit of $161.1 billion during 2022 following higher crude oil prices that soared mostly during Q3.
The State Department is considering ways to alter the U.S. relationship with Saudi Arabia after that nation and Russia agreed to cut back oil production.
OPEC+ announced it will cut oil production by 2 million barrels per day, constricting global oil supplies and likely leading to increased gas prices in the U.S.
Aramco CEO Amin Nasser said at this year's Schlumberger Digital Forum that the governmental response to the ongoing energy crisis fails to address key issues.
The Saudi state oil company reported soaring profits for the second quarter on the back of higher oil prices and refining margins.
American energy industry representatives are upset that President Biden is asking for more oil abroad, rather than changing his policies at home.
Ukrainian Foreign Minister Dmytro Kuleba asked Saudi Arabia to 'resolve' the energy crisis plaguing his war-torn nation amid Russia's war.
Oil giant Saudi Aramco said Sunday its profits soared more than 80% in the first three months of the year, as the state-backed company cashes in on the volatility in global energy markets and surging oil prices following Russia’s invasion of Ukraine.
Russia is looking to ease strains to its market caused by massive international sanctions and gas boycotts by opening the Nord Stream 2 pipeline domestically.
The Saudi Arabian government issued a statement Monday saying it will not "bear any responsibility" for global oil shortages after several of their facilities were targeted by Yemen's Iran-backed Houthi rebels over the weekend.
State oil giant Saudi Aramco said Sunday that its 2021 net profit more than doubled to $110 billion, a boon to the Middle East’s largest economy as it seeks to use its hefty profits for investment opportunities domestically and abroad.
Saudi Arabia is in active talks with Beijing to price some of its oil sales to China in yuan, people familiar with the matter said, a move that would dent the U.S. dollar’s dominance of the global petroleum market and mark another shift by the world’s top crude exporter toward Asia.
Saudi Arabia transferred shares worth about $80 billion in oil giant Aramco to its wealth fund as part of efforts to diversify the kingdom's hydrocarbon-dependent economy.
Saudi Arabia's Crown Prince Mohammed bin Salman announced plans on Tuesday to launch a second national airline as part of a broader strategy to turn the kingdom into a global logistics hub as it seeks to diversify from oil.
Saudi Arabia's state-backed oil giant Aramco announced Sunday that its profits nearly halved in 2020 to $49 billion, a big drop that came as the coronavirus pandemic roiled global energy markets.
Saudi Arabia’s Crown Prince and de facto ruler Mohammed bin Salman has put Public Investment Fund (PIF), Saudi Arabia’s main sovereign wealth fund, at the centre of reforms aimed at diversifying the economy of the world’s top oil exporter away from fossil fuel.
All major oil companies have taken a hit in the second quarter as lockdowns to contain the coronavirus limited travel.
Apple, the maker of iPhones, has toppled the world's biggest company in value, despite the coronavirus pandemic.